According to a new report published by Allied Market Research titled, “U.S. Solar Battery Market by Type and End User: U.S. Opportunity Analysis and Industry Forecast, 2021–2030,” The U.S. solar battery market was valued at $16.9 million in 2020, and is projected to reach $37.7 million by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Solar battery is generally used to store solar power and discharge the power as per requirement. It is made of lithium ion or lead acid. It is rechargeable and can be generally used in solar cell systems to store excess energy. Some of the major applications of solar battery include solar charging stations, storage for power plants, and storage system for off-grids.
The U.S. solar battery market is segmented on the basis of type, end user, and region. On the basis of type, the market is categorized into lithium ion, lead acid, flow battery, and others. Various end user of solar battery studied in the U.S. solar battery market include residential, industrial, and commercial. The U.S. solar battery market share is analyzed for each and every segment.
The U.S. solar battery market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the U.S. solar battery market include Adara power, Aims Power, BBI Battery, Enersys, Fortress Power, Goal Zero, Panasonic Corporation, Power Sonic Corporation, Tesla. Inc, Simpliphi Power, Inc, Sunpower, Solaredge Technologies Inc, and U.S. Battery Manufacturing Co.
Other players in the U.S. solar battery market are Enphase Energy, and others.
Based on the type, the lithium-ion segment garnered 79.3% share in 2020, in terms of volume, and is expected to grow a CAGR 7.7% from 2021 to 2030. This is attributed to high charge and discharge efficiencies of lithium-ion batteries, which help in harvesting large amount of energy. For instance, the average efficiency of lithium-ion battery is 90-95%, whereas for lead acid it is around 80-85%.
Furthermore, industrial segment is leading end user of solar battery. This is attributed to strong demand from various industrial end users for additional energy storage solutions.
Key findings of the study
- The report outlines the current U.S. solar battery market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The U.S. solar battery market size is provided in terms of volume and revenue.
- On the basis of type, the flow battery segment is expected to grow at a CAGR of 5.9%, in terms of revenue, during the forecast period.
- On the basis of end user, the commercial segment gained 32.1% share in 2020 in terms of revenue.
- On the basis of type, the lead acid battery segment garnered a share of 3.5% in 2020 in terms of revenue.
Impact of COVID-19 on the U.S. solar battery market
- The COVID-19 outbreak has affected the demand as well as manufacturing of U.S. solar battery.
- The COVID-19 pandemic has impacted delivery times for solar projects which is consequently hindering the demand for solar battery. The delay in projects is owing to labor shortages.
- Some of the developments of solar projects is NextEra's Dodge Flat Solar Energy Center and Fish Springs Ranch Solar Farm in Nevada. These projects are under contract with NV Energy Inc. It has to be completed in 2021. The projects have 300 MW of solar with 75 MW of energy storage.
- Furthermore, NextEra's Wheatridge Solar & Battery storage facility in Oregon is also on track. It is part of a wind-solar-storage project with Portland General Electric Co., and various comprehensive battery inclusion at existing solar farms under agreement with Southern California Edison.